Molded Plastics Market Forecasts to 2028 – Global Analysis By Type (Polyethylene Terephthalate, Polypropylene and Other Types), Technology (Extrusion Molding, Rotational Molding and Other Technologies), Application (Agriculture, Automotive & Transportatio

Molded Plastics Market Forecasts to 2028 – Global Analysis By Type (Polyethylene Terephthalate, Polypropylene and Other Types), Technology (Extrusion Molding, Rotational Molding and Other Technologies), Application (Agriculture, Automotive & Transportation and Other Applications), and By Geography

According to Stratistics MRC, the Global Molded Plastics Market is accounted for $499.1 billion in 2022 and is expected to reach $800.8 billion by 2028 growing at a CAGR of 8.2% during the forecast period. Molded plastics are non-metallic materials that are created synthetically and can be shaped in a variety of ways for commercial usage. These can be hardened to the desired consistency and are incredibly versatile, effective, and malleable. These are used to design tiny components with a great deal of finesse and detail. Due to their high ductility, tensile strength, impact resistance, moisture resistance, and increased design flexibility, these are used in a wide range of applications, including those in the building and construction, automotive and transportation, consumable and electronics, packaging, and other industries such as medical, stationary, and textiles.

According to a report published by Invest India in August 2021, the Indian government has an investment budget of $1.4 trillion on infrastructure in which 16% of the amount is contributed toward the development of urban infrastructure. According to Organization International des Constructeurs Automobiles (OICA), automotive industry increased with a growth rate of 4.5% during the period 2015-2016.

Market Dynamics:

Driver:

Rising demand from packaging industry

The packaging and automobile industries make heavy use of molded plastics. The molded polymers PE, PP, and PET are frequently utilised in packaging applications. There are several packaging applications for these plastic goods, which can be rigid or flexible depending on the end-use demands. The various moulding processes, such as blow moulding, injection moulding, and extrusion moulding, each have distinct advantages. These benefits include durability, medical safety & efficacy, and food preservation. The food and beverage industry prefers cold-filled beverage containers, drinking water bottles, alcohol beverage containers, soft drink containers, and dairy containers, which is boosting the demand for molded plastics.

Restraint:

Stringent regulations

Since plastic takes decades to decompose, it harms the ecosystem. Governments all around the world are tackling this issue by enacting stringent regulations that the plastics industry must comply with. Governments in developing countries are taking additional precautions to safeguard the environment, and measures are being done to promote sustainable packaging. The cost of raw materials is higher due to these laws' prohibitions on businesses obtaining raw materials from sources that do not follow environmental regulations, which raises operational costs. This has an impact on plastic packaging sales overall, which restricts the expansion of the moulded plastics market.

Opportunity:

Rising adoption of 3D printing plastic composites

Global demand for 3D-printed plastic composites is rising as a result of the increasing commercialization of 3D printing technology. These grades provide the best performance in harsh settings including corrosive and high temperature/pressure ones. PA, ABS, and PC are moulded polymers that are frequently used to create plastic composites for 3D printing. In the past few years, major moulded plastics producers like SABIC have begun producing plastics for 3D printing through forward integration. The market for moulded plastics will see development prospects as the demand for plastic composites for 3D printing increases.

Threat:

Fluctuations in cost of raw materials

The three main raw materials used to make primary petrochemicals—which are used to make various kinds of moulded plastics—are crude oil, natural gas, and naphtha. In order to create the plastic components used in the packaging, automotive, and construction industries, plastic preparers further process the resins. Since the prices of moulded plastics are distributed along the value chain of the moulded plastics market, changes in the price of crude oil have a direct impact on the costs of moulded plastics. As was clear during the decline in crude oil prices, changes in the price of raw materials have a direct impact on the profitability and scalability of suppliers of moulded plastics.

Covid-19 Impact

The demand for moulded plastics is predicted to increase for packaging and medical uses, but decline sharply for other applications like automotive, building and construction, electrical and electronics, and others. According to estimates, the automotive sector will reach a new level as a result of shifting governmental laws and a sharp drop in demand during pandemics. The worldwide COVID-19 pandemic has a significant impact on the production of automobiles. The supply chain was disrupted, and automobile sales fell as a result of COVID-19, which also caused a decline in the molded plastic market growth.

The polyethylene segment is expected to be the largest during the forecast period

The polyethylene segment is estimated to have a lucrative growth, due to an increase in infrastructure spending, a growing consumer products market, low feedstock costs, an optimistic outlook for developing economies' economy, and low production costs. Additionally, after the imports of scrap plastic were prohibited, there was an increase in the use of virgin plastics.

The packaging segment is expected to have the highest CAGR during the forecast period

The packaging segment is anticipated to witness the highest CAGR growth during the forecast period, due to an increase in demand across several industries. The increasing need for alternatives to traditional packaging materials like glass and metals is partly to blame for the segment's growth. The packaging industry is predicted to consume a lot of moulded plastics due to their lightweight, low cost, design flexibility, and resilience to chemicals and moisture.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rising urbanisation, rising disposable income, and improved prosperity. The market is growing as a result of the region's rising use of moulded plastics in a variety of end-user industries, including packaging, building & infrastructure, automotive & transportation, and more. Due to population growth and economic expansion in emerging nations, there may be an increase in demand for items during the predicted period.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to an exponential increase in industrial activity is the main trend now being seen in the North American market. Furthermore, the market is anticipated to grow due to the increased use of polymers in the infrastructure, automotive, and transportation industries. Additionally, expanding industrial activity in the United States and Canada is anticipated to fuel regional market expansion.

Key players in the market

Some of the key players profiled in the Molded Plastics Market include Dupont, Sabic, Chevron Corporation, Eastman Chemical Company, BASF SE, Reliance Industries LIMITED, Westlake Corporation, Versalis S.P.A., Lanxess AG, Takween Advanced Industries, China Plastic Extrusion Ltd., Exxonmobil, Lyondellbasell Industries Holdings B.V., Formmosa Plastics Corporation, GSH Industries, Solvay, LG Chem Ltd. and DOW Inc.

Key Developments:

In June 2021, LyondellBasell announced the successful startup of Ulsan PP Co., Ltd.’s polypropylene production facility, with a capacity of 400 kilotons per annum (KTA), in South Korea. Ulsan PP Co., Ltd. is a joint venture between PolyMirae Company Ltd. (a 50:50 partnership between LyondellBasell and DL Chemical) and SK Advanced. This move complements LyondellBasell’s reach into the polypropylene production market and provides the company with a strong foundation for growth in adjacent sectors.

In October 2017, ExxonMobil undertook commissioning of the polyethylene manufacturing plant in Texas, US. Through this expansion company’s focus was on the production of high-performance polyethylene.

Types Covered:
• Polyethylene Terephthalate
• Polypropylene
• Polyurethane
• Polyvinyl Chloride
• Polyethylene
• Polystyrene
• Engineering Plastics
• Other Types

Technologies Covered:
• Extrusion Molding
• Rotational Molding
• Injection Molding
• Thermoforming
• Blow Molding
• Other Technologies

Applications Covered:
• Agriculture
• Automotive & Transportation
• Packaging
• Electrical & Electronics
• Construction & Infrastructure
• Pharmaceuticals
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements